• CNBC's Jim Cramer explains why weak stocks in the retail and airline sectors on Thursday did not bring the market down as a whole.
  • The action indicates that we may be on a "bull market", says the host of "Mad Money".
  • "We are no longer fighting the Fed," which is a good sign for investors, he said.
  • The recent resilience of the stock market creates a very favorable environment for investors, CNBC's Jim Cramer said Thursday after equities maintained their gains despite negative stocks in some parts of the market.

    "Make no mistake: a market that can be regained even when two groups of executives, retailers and airlines, are being criticized – well, it's kind of bullish," he said. to investors.

    The shares initially fell during Thursday's trading session as a result of a sharp drop in Macy's M shares, which released worse-than-expected holiday sales results. American Airlines AAL added to the pain after cutting its forecasts, citing lower fares.

    The decline in both stocks dragged their respective sectors down and prompted questions on Wall Street about the real weakness of the economy, said Cramer in "Mad Money".

    "With all this bad news … it would have been natural for the actions to be destroyed," he said. "However, this is not what happened … not at all.Of course, investors have fled airlines and retailers – it's natural – but they do not have to." have not fled the stock market. "

    Instead, the money has just been transferred, trading stocks of consumer goods, industrial games and technology names, he said.

    Cramer argued that this type of action – which, he said, is often the sign of a "rising market", is perfectly suited to investors, who do not "fight the Fed any more" "They are buying more stock, now that its leader, Jerome Powell, has pledged to be patient when it comes to raising interest rates."

    "This recent bull market comes from the fact that we are no longer fighting the Fed," said Cramer. "Thus, even in the absence of a Chinese trade agreement, even in the absence of a functional government and a real idea of ​​the weakness of these companies, the markets Fellows are free in this environment, even at a day when averages should no doubt "We were crushed by the weakness of two groups of monster leaders: retail and airlines."

    WATCH: Cramer believes market resilience is a bullish sign

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